USD/BTC，USD/WTI，BTC/WTI， BTC/NVDA？！ As mentioned earlier, there may be a convergence of liquidity between the cryptocurrency market and the US stock market. It suddenly occurred to me that in the past, we were used to watching Bitcoin: native against the US dollar, Nvidia against the US dollar, and S&P 500 against the US dollar. However, this view can only tell us the rise and fall of assets relative to the US dollar, and cannot tell us who really outperforms whom. BTC's rise does not mean it outperforms NVIDIA, and NVIDIA's rise does not mean it outperforms BTC. The rise of the S&P 500 does not necessarily mean it is the best choice among risky assets. So I think BTC can be seen as a new relative strength indicator against Nvidia and the S&P 500. This is not necessarily a traditional trading pair that exchanges must list, but a tool used to observe fund preferences. Or if you are a believer in Bitcoin and AI, then BTC and AI stocks may be equivalent to some extent. BTC versus Nvidia is essentially comparing which narrative is stronger between the crypto narrative and the AI core stock narrative. BTC compared to the S&P 500 is essentially comparing whether BTC outperforms the traditional US stock market. The truly valuable aspect of this perspective is making BTC the most fundamental core asset. Whether it is the war between Russia and Ukraine, or the war between the United States and Iran, it can be seen that BTC as a settlement for oil is not a new thing. In fact, everyone should know that Russia's use of BTC to settle oil and Iran's use of BTC to settle Hormuz are essentially to bypass US regulation. Not to bypass the US dollar, as BTC can naturally be converted into US dollars. So when any individual or sovereign state holds BTC, it means that BTC is the best "decentralized" settlement tool. BTC is not meant to replace the US dollar, but to be better used for settlement, and BTC itself also needs to consume energy to generate. Just like how we often compare the exchange rates of BTC and gold nowadays. That's also why the comparison between BTC and gold is becoming increasingly important. Gold used to serve as a credit anchor between sovereign states. Gold does not rely on any country for issuance, nor does it rely on any banking system for confirmation. What BTC is currently doing is actually undertaking similar functions in the digital world. If there is such a transaction, then BTC is really one step closer to gold. It has truly become a tool for cross centralized settlement. From now on, BTC can buy oil and natural gas to some extent, and has already established the basis for bulk settlement. If the future exchanges can really access VOO, NVDA, gold, treasury bond, and oil assets in a compliant manner, and these assets can be transferred, trusted, and verified like BTC, BTC will become the bottom unit of cross asset pricing and settlement from a pure investment asset. At that time, what people will see is not just how much BTC has risen in dollars, but how much VOO, Nvidia, gold, and energy assets one BTC can buy. This is the truly interesting place. Because this means that BTC is no longer just an asset in the cryptocurrency market, but is starting to move towards the US stock market ETF、 Comparing commodities and sovereign assets on the same balance sheet. So I think that the integration of the exchange into the US stock market is just the first step. What really matters is when the US stock market ETF、 If gold, treasury bond, bulk commodities and BTC are all in the same trading system, will assets begin to price, flow and settle with each other. Bitget is here, VIP! Crypto、 US shares CFD， Global Advantage One Stop Layout